Pensions - Articles - Rise in older workers reflects "new retirement reality"

 Vince Smith-Hughes, retirement expert at Prudential, believes ONS figures shownig the number of older workers - those working beyond state pension age - nearly doubling from 753,000 in 1993 to 1.4 million reflects a "new retirement reality"

 Vince Smith-Hughes, retirement expert at Prudential, said: "There is a new retirement reality taking shape across the UK, as an increasing number of older workers make the decision to continue working past 65. More than 10% of people who had planned to retire this year are making alternative arrangements and putting off drawing their pension for the time being. This is driven in part by a desire to remain physically healthy and mentally active, but also to ensure they have sufficient funds to meet rising living costs and provide for a comfortable retirement.

 "Those retiring at 65 will face an average of 19 years in retirement which makes the financial and social benefits of working for longer an even bigger draw. However only a small proportion of those working past retirement age choose to continue in full-time employment, so we're seeing a real shift towards gradual retirement, whether this means remaining in the same job on a flexible basis or even setting up a new business. Either way the retirement landscape is changing and as a result, retiring at 65 is no longer a given for the vast majority."